SteelMint's benchmark scrap index up marginally on healthy semis trade - 4 July

SteelMint's domestic steel scrap (end-cutting) index stood at INR 45,650/t DAP Mandi Gobindgarh on 4 July 2022, up slightly by INR 150/t.

LMS (light melting scrap) prices were assessed at INR 40,200/t, HMS 80:20 at INR 42,700/t, and CR busheling scrap at INR 47,800/t today.

Although the market was largely silent, scrap prices remained supported by some improvement in semi-finished steel prices. Steel ingots prices in Mandi witnessed a slight recovery of INR 300/t d-o-d to settle at INR 51,500/t today.

Shipbreaking melting scrap prices in Gujarat's Alang market remained stable on 4 July. HMS (80:20) prices are assessed at INR 40,800/t exy. Due to the onset of monsoon and soft weekend trading activity, prices are in a stable position.

Market highlights-

• End-cutting and ingot spread: The end-cutting scrap and ingot spread remained unchanged today at INR 5,500-5,700/t.
  
  
• Domestic and imported scrap price gap: In Mumbai, imported melting scrap (HMS 80:20) of Dubai-origin in containers was traded at $435/t CNF (INR 34,300/t) Nhava Sheva. Mills in Mumbai and those in the nearby regions are preferring to import scrap because domestic material is costlier by around INR 4,000-4,800/t.
  
  
• Raipur sponge iron-billet spread: The current conversion spread (margin) from pellet-based DRI (P-DRI) to steel billets in Raipur decreased by INR 200/t d-o-d to INR 16,200/t.
  
  

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